The Contemporary Hospitality Industry Assignment

The Contemporary Hospitality Industry - appellative ExampleAs illustrated by Table 1, the industriousness is comprised of a widely assorted variety of sectors, from each one with its own business model and obligation for service delivery. The hospitality manufacture is very private-enterprise(a), with many refreshing market entrants entering worldwide and domestic markets regularly, which provide risks to maintaining a positive image with very divers(prenominal) consumer segments. The only signifi usher outt competitive advantage that a hospitality business maintains in the face of procession competition is developing a unique differentiation that can be sustainable. Competitors in this industry can often replicate existing service and product delivery models, therefore a business requires having a solid and differentiated brand in order to gain consumer loyalty and sustain competitive advantage. Marketers grant that building a differentiated brand image is of high strategic importance in this industry as it makes competing companies less vulnerable to recurring marketing competitiveness which is so dominant in this industry structure (Gounaris and Vlasis 2004). To successfully compete in an environment where switching costs for consumers, according to Michael Porter (1998) is a competitive risk, it is necessary for organisations in operation(p) in this industry to outperform rivals with innovative service delivery models and technologies. Businesses operating competitively in this industry must also be considerate of pricing structures, as about environments and sectors work regularly with price-sensitive consumers. For example, conducting strategic-level environmental analyses of other businesses in the region (such as restaurants and hotels) is necessary to establish competitive pricing structures. With the aforementioned ability of companies to replicate existing food offerings, hotel amenities, and other service-related models, pricing might be o ne of the most competitive strategies facing businesses with high levels of competition. Price is often the most priority order by which consumers judge the quality of service and is one of the most prevalent methods by which companies promote their businesses (Dawes 2004).